WTI 17May

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s auction on response to Tue’s Unsecured Low, 48.50s, was key as early Globex selling interest drove price through Tue’s Low to 48.03s near Key Support where buying interest emerged, driving price higher to 49s into the NY open. Balance developed ahead of the EIA data where a shakeout of weak long inventory developed to 48.50s post-EIA where buying interest emerged, driving price higher, achieving the Stopping Point High, 49.50s. Selling interest emerged there, developing Balance, 49.45s-49.05s, through mid-auction, closing at 49.07s.

Focus into Thu’s auction on response to Wed’s developing Upper Cluster, 49.45s-49.05s.